Yen Falls Despite Intervention as Japan's Foreign Reserves Plunge

Japan's foreign reserves plummeted to their lowest level in August after Tokyo intervened for the third time this year to prop up its currency. The reserves, which stood at $1.208 trillion by the end of August, dropped by a record $79.6 billion, or 6.18%, from $1.287 trillion in July.

The intervention, which involved dollar-selling and yen-buying, was aimed at stemming the persistent weakness in the yen. However, the latest move failed to yield significant results as the currency continued its downward trend. The yen rose to its highest level since May but still remains under pressure due to the ongoing macro-structural shifts in the global foreign exchange market.

Meanwhile, China is injecting $53.6 billion into eight state-owned banks and insurance companies to boost its slowing economy. This move comes as part of a broader effort by the Chinese government to shore up the country's financial system.